San Diego-based Qualcomm Inc. on Wednesday reported net income of $1.4 billion, or 97 cents per diluted share, in the third quarter of its fiscal year, compared with $1.2 billion, or 73 cents per diluted share, in the same period last year.
Revenue for the producer of mobile technology was $6 billion during the quarter, which ended June 26, compared to $5.8 billion in the 2015 third quarter.
“We delivered strong results this quarter, with (earnings per share) well ahead of our guidance based on meaningful progress with licensees in China,” said CEO Steve Mollenkopf.
Chip maker Qualcomm is scheduled to report results for its third quarter after the bell today. What to look for: https://t.co/Te7VCQYCr5
— Wall Street Journal (@WSJ) July 20, 2016
FreedomWonInc. Qualcomm Earnings Bounce Back, Stock Gains: After a huge drop in profit the… https://t.co/hhLPFET6ig
— Dave Childress (@metaldc4life) July 20, 2016
Qualcomm Q3 revenues up 3.6% YoY to $6.04B, net income rises to $1.4B from $1.18B a year ago (Ian King/Bloomber… https://t.co/FLxbexEHEr
— Ryan Boese (@rboese) July 20, 2016
“Our chipset business is also benefiting from a strong new product ramp across tiers, particularly with fast growing (equipment manufacturers) in China,” Mollenkopf said. “We are executing well on our strategic priorities, and we remain confident that our focused investments in 5G and other advanced technologies will create a strong foundation for long-term earnings growth.”
According to the company, $235 million of third quarter revenue, or 11 cents per share, was due to deferred royalty revenue related to the dismissal of an arbitration process with LG Electronics.
— City News Service
